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@techreport{NBERw8166,
title = "Vintage Organization Capital",
author = "Boyan Jovanovic and Peter L. Rousseau",
institution = "National Bureau of Economic Research",
type = "Working Paper",
series = "Working Paper Series",
number = "8166",
year = "2001",
month = "March",
doi = {10.3386/w8166},
URL = "http://www.nber.org/papers/w8166",
abstract = {We study 114 years of U.S. stock market data and find That there are large cohort effects in stock prices, effects that we label 'organization capital,' That cohort effects grew at a rate of 1.75% per year, That the debt-equity ratio of all vintages declined, That three big technological waves took place: electricity (1895-1930), a 'World War II' wave (1945-1970), and information technology (1971-), and That organization capital tends to grow fastest during the second half of a technological wave.},
}